The audacity of the Fed

Discussion in 'Economy' started by hortysir, Nov 24, 2011.

  1. hortysir
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    hortysir In Memorial of 47

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    Alan Greenspan:

    The big multi-national banks and banking agencies that the OWS people are protesting are also private businesses.
    Why does BoA and other banks get regulated to death but the Fed gets a free pass?

    Somebody here said that "we" don't get the OWS protestors.
    They're right, in my case. I don't.

    Why aren't they protesting the Fed offices and branches?



    Can someone, while we're at it, explain how the Fed maneuvered itslef between taxpayers and our government?
    I mean, you can't just go to the Fed and take out a mortgage.
    They're not your typical corner bank.
    They get our tax dollars while we bitch and whine and moan about bailing out the other banks.


    I'm sure I'll have further questions, but I'll see how this goes.
     
  2. Liability
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    Liability Locked Account. Supporting Member

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    Personally, I will NEVER phear the Fed!
     
  3. hortysir
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    hortysir In Memorial of 47

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    So Geitner is our real President?
     
  4. editec
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    editec Mr. Forgot-it-All

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    Go read a book.

    If you don't understand the realtionship between the FED and the government, you don't know enough to even ask a question that makes sense.
     
  5. hortysir
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    hortysir In Memorial of 47

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    Judging by Greenspan's remark, there is no "relationship" between the two entities.
    The FED can do as it pleases with no accountability.

    I'm just asking "Why?".
     
  6. expat_panama
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    expat_panama Silver Member

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    That hasn't been established here, but something we have nailed down here is the fact that this is a forum where people can advance half-baked muddled thinking.
     
  7. Liability
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    Liability Locked Account. Supporting Member

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    Please detail, from you boundless font of wisdom and accuracy, the nature of accountability by which the Fed is so effectively constrained.

    I know they themselves SAY that they are accountable. They SAY so. Why, they have to publish transcripts of their meetings and they have to report to Congress, twice, annually!

    http://www.federalreserve.gov/faqs/about_12798.htm

    There is no finer check on the Fed than that, man.

    "We are fully accountable. We have to report twice a year!"

    Whew.

    They clearly can't do anything without being -- completely reined in. Excellent.

    (Oh fuck. Is my sarcasm button malfunctioning again?)
     
    Last edited: Nov 24, 2011
  8. hortysir
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    hortysir In Memorial of 47

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    Are you letting your avatar do the typing?

    Did you not read Greenspan's remark?

    *** there is no other agency of government that can over-rule actions that we take ***

    Explain how the FED is held accountable, please
     
  9. Liability
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    Liability Locked Account. Supporting Member

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    We ARE the FED! Tou can't CHECK us. You cannot counter-balance us.

    Nobody can.

    BUT

    we do have to report.

    Twice.

    A year!
     
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  10. JimBowie1958
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    JimBowie1958 Old Fogey

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    The Federal Reserve has our government by its financial testicles. They print our money. They set the prime interest rate. They have the major banks by the balls, who in turn have the major corporations by the balls, who in turn have the Congresscritters and WH by the ...well you get the idea by now, surely.

    The Federal Reserve is the biggest bunch of thieves on the planet and they do not take shit from anyone, much less the government that they own.
     
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